What's happened
Jeremy Hunt pushes back against talk of decline in Britain, promising that Brexit would catalyse a new age of growth for an economy that has increasingly lagged behind its peers.
Why it matters
The upcoming budget is expected to include pro-growth measures, but Hunt has indicated that sound money must come first. The focus will be on growth industries, including digital technology and the shift to new, high value industries such as renewable power and advanced manufacturing. The tax hikes have angered some lawmakers in the governing Conservative Party.
What the papers say
Sources agree that Hunt is planning to stick with tax hikes in his upcoming budget, but differ in their portrayal of the government's approach to boosting growth and productivity. The Confederation of British Industry has called on the government to take bold action to boost growth, while the CBI's director-general has warned that the UK is lagging behind international rivals on green growth. The Guardian reports that some in the business community have criticised the government's approach to growth.
How we got here
The UK economy has lagged behind its peers in recent years, and the government has faced criticism for its handling of Brexit. Hunt has previously signalled his ambition to create a "new Silicon Valley" in the UK, with a focus on high value industries such as renewable power and advanced manufacturing.
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